4 Basics to Strategic Planning
We are all familiar with the 4p’s in marketing (Product, Price, Placement and Promotion). Often times when we think of marketing we automatically think about how much we want to sell and how we are going to sell it. However the effective marketing plan involves planning before the marketing plan this plan is called, The Strategic Plan.
Strategic Planning is composed of the company’s broad strategy and should ALWAYS be customer based. It involves 4 Simple components:
- The Company Mission – What does the company want to accomplish? Is the company product oriented or market oriented? The mission should be meaningful and motivating.
- Objectives & Goals – Once the company has identified a mission, break that mission into objectives and goals for both, short and long term.
- The Portfolio – This portfolio is the collection of businesses or products that make up the company. This should also shape your future portfolio.
- Planning Marketing – It is important that all components of the business/company are working together, and identify with the product or service in the same way. Marketing, Purchasing, Finance, Operations, Accounting, Information Systems, Human Resource etc. They should each understand and relate with the company with the same objectives and goals.Each one could then partner with other companies and other marketing systems to strengthen what you have to offer all around.
Understanding these 4 Components makes Marketing a smooth sailing!
Remember to create an analysis for your business in the process, here’s a fun way how. Click HERE